MFORMA secures USD 30 million in third round financing
Funding to be used for expansion of global marketing and product development
Global publisher and distributor of mobile games and content, MFORMA Group, has announced a successful third round of institutional financing that closed at USD 30 million.
The funding was led by Institutional Venture Partners, a venture capital firm with a cumulative committed capital of USD 1.6 billion. IVP is currently investing a USD 300 million fund specifically focused on expansion-stage investments in developing information technology companies.
Financing was also contributed to by existing investors Bessemer Venture Partners, Draper Fisher Jurvetson, and General Catalyst Partners. The company intends to utilise the new funding to increase development of new product lines, in addition to expanding global operations both in terms of distribution in new markets and providing key product marketing initiatives.
Todd Chaffee, IVP managing director and general partner said: "MFORMA has scaled their business exceptionally well as they have grown to become a world-leading mobile publisher. Their experience with the major wireless operators around the world and the breadth and richness of their content catalogue is unmatched."
"We look forward to working with MFORMA's strong management team as they develop and deliver the next generation of mobile entertainment products," he added.
MFORMA was founded in 2001, and currently delivers mobile content to more than 100 carriers throughout the world. The company provide an extensive catalogue of BREW, Java, SMS, MMS, and WAP games, in addition to sports, lifestyle, and information services subscription products.
The MFORMA Group reaches into multiple mobile markets and consists of individual companies MFORMA Americas, MFORMA Europe, MFORMA China, and MFORMA Korea.
Jonathan Sacks, MFORMA CEO, said: "We are grateful for the support of IVP and our other outstanding investors. We believe the mobile entertainment market will see tremendous expansion and innovation and we are very pleased to have the funding necessary to pursue our objectives."